Rasameel Structured Finance Company, a leading Kuwaiti capital markets institution, has been granted a licence to operate as an islamic investment bank in the Dubai International Financial Centre (DIFC).

Rasameel will operate under the name of Rasameel Investment Bank Limited (Rasameel Investment Bank), said the Dubai Financial Services Authority (DFSA).

Rasameel aims to provide specialised financial services in capital market (long term equity and Sukuk funding); financial advisory (funding alternatives, capital structure, mergers and acquisitions); investment and asset management (analysis and valuation of assets and securities to achieve risk-return goals through the establishment of funds) and Shari'a finance guidance (recommendations and advice on Shari’a compliant financial transactions).

It was officially authorised to provide financial services with effect from November 2, 2008.

Abdulla Al Awar, managing director of DIFC Authjority, said Islamic investment products have grown considerably in diversity, sophistication and depth over the last few years driven by demand from across the world.

The ethical orientation of Islamic finance products make them appealing to a wider market during a time when developed markets are going through a financial crisis.

"As the DIFC develops further into a global financial centre, islamic finance is one of our major sectors of focus."

DIFC provides a supportive regulatory framework and business services for the growth of this key sector. We look forward to providing Rasameel with the support and services necessary to grow their Islamic investment banking business," he added.

Mohammed Asaria, the managing director of Rasameel Investment Bank, said, “We are aiming to offer investment banking products and services focusing on advisory, investment management and capital markets in the region’s Islamic finance market in line with Rasameel’s vision to be the Islamic Investment Bank of Choice in the Region."

"Our presence in DIFC significantly adds to our product offering and ability to provide clients with a unified offering across the GCC,” he noted.

Issam Z. Al-Tawari, chairman of Rasameel Investment Bank and CEO and vice chairman of Rasameel Structured Finance Company, said, “This once more attests that we are reinforcing our commitment to our regional expansion."

"Rasameel Investment Bank is an integral component of our regional capital market  focus. Our mission is to ensure that Islamic Financial services and Products are developed to cater to the growing needs and sophistication of the Islamic Investment community, allowing cross border investments across the GCC," he added.-TradeArabia News Service